GROWING SUCCESSFULLY IN THE NEW YOU
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Waiting until the right individual comes along will ultimately save you a lot of headache down the line. You need to be able to demonstrate the perks of your company culture when seeking new talent.
For a small business, however, unexpected events pose a greater risk. Though many of the mishaps that occur in business are beyond our control, we can set ourselves up to best absorb the blow when it comes to certain instances of human error. Whether you find yourself confronted with a sizeable medical bill after a client tripped over a piece of your equipment, or slapped with an expensive lawsuit for damage you caused, solid business insurance can help you come out the other side unscathed. Moreover, acquiring a liability insurance policy will open new doors for your company, demonstrating to potential clients that your enterprise is responsible, reliable, and conscientious.
It will also help you to close deals with the many consumers that actually require their contractors to possess insurance and to show proof of insurance. Purchasing an insurance plan customized to your small business needs arms you with the confidence to pursue new leads and go about your work with peace of mind. A small company is a big responsibility, but there are strategic methods you can use to facilitate the small business growth and your success.
Do that, and your small business will know no bounds. Issuance of coverage is subject to underwriting. Not available in all states. Please see the policy for full terms, conditions and exclusions. Coverage is dependent on actual facts and circumstances giving rise to a claim.
Next Insurance Inc. I make time to acknowledge Him and thank Him, to learn about Him and to talk to Him. Second to that, because I live away from my family and main support networks, I ensure that every week I have scheduled time to call loved ones, and spend time talking to them. Updating them on my life, hearing about their lives, and talking about things that really energise me, and refuel me. Those together are my constant, my anchor, so I know as long as I have those two things in my life, no matter how rough the sea may be, my boat will always make it to its destination.
Whatever your routine may be, make sure you have constants in there, to anchor you when the winds blow. For me, I love to journal and write. When I talk about reflection, I mean taking time it only needs to be a moment to ask yourself a few important questions:. Was I happy with the outcome?
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Keeping an open mind and taking yourself through that process more often than not, will guarantee you better self-awareness, and increased ability to grow successfully. Reflection is the key to avoiding the insanity trap. Think about what you do, and slowly, slowly, your bank of wisdom will be building up behind you.
You sharing that wisdom with others around you, can help not only yourself, but others on their journey of growth too.
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In order to grow successfully, you need to be mindful of the people you are spending your precious time with. Always choose people that challenge you, and are smarter than you. Always be the student. People who energise you rather than drain you People who challenge you in many ways People who provide a non-judgemental and supportive space People with wisdom People who are older than you, and are in different life stages People who are younger than you, who can show you different perspectives People who honestly accept you.
As you can see from the graph, Market Penetration stands out as the growth strategy with the lowest risk.
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This is understandable, as it involves selling an existing product to a well-defined target audience. This is typically the core growth strategy for most businesses, and where they will invest the majority of their resources. However, as any experienced entrepreneur will tell you, there will come a time where relying entirely on market penetration for business growth will no longer work.
At this point, to continue growing their business, founders will need to start adopting different growth strategies, such as Product Development or Market Development. But, as you can see from the graph above, any time you move into a new quadrant, the amount of risk naturally increases. While investing all your resources into Market Penetration will only get you so far, focusing your efforts solely on diversification would be far too risky. The real question is: how do you know what growth strategies you should be investing in?
Well, I have great news for you. Image via Harvard Business Review. At the bottom left of the matrix, you have your Core Initiatives , which are tactics that primarily focus on the improvement and optimization of your current product and customers. At the other end of the spectrum, you have your Transformational Initiatives — the real blue-ocean kind of stuff that revolves around entering new markets, or producing entirely new products.
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Much has already been said about the growth strategy of their early years , and how they managed to aggressively corner the hospitality and tourism market. But those were the early days. Like most fast-growth startups, AirBnB faced a huge challenge to their continued growth — namely, competitors like TravelFreak and FlipKey were starting to saturate the market. Enter AirBnB Experiences — a service that allows users to take part in local experiences like tours and art classes, hosted by locals.
Ever since debuting in , AirBnB Experiences has been largely successful for the company, reportedly gaining over 1 million guest bookings in , and the service expanding to at least 58 major cities around the world. While this venture is far from being as innovative as their original service, it does demonstrate a clear understanding of their target audience and the trends in their industry.
AirBnB already knew that guided tours were popular, so it was a natural progression for them to start offering a service that met that need. This is a perfect example of Product Development and Diversification as a growth strategy in action. Understanding that their audience primarily consisted of people keen on experiencing new cultures, AirBnB was able to successfully identify an opportunity to meet this need.
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In doing so they were able to expand their product range and enter into an entirely new market, while still remaining true to their core values and brand. The office is the laboratory and meeting your users is like going into the field. For Evernote — at least in the years between and — their plan for growth was clear: diversify as much as possible. Going far beyond their core product of being a note-taking app, Evernote began launching everything from an app that allowed people to keep track of meals and recipes, to physical products like notebooks, backpacks and more.
Image via UseFYI. According to Business Insider , in their aggressive pursuit of new markets, Evernote had neglected to conduct any significant market research or product testing before releasing each new product. To make matters worse, their prioritization on diversification over everything else caused the company to lose sight of their core business, eventually releasing a version of their product that garnered widespread criticism. More than anything, Evernote committed the classic mistake of believing that the only way to continue growing is to focus solely on developing new products or services.
While Diversification as an engine of growth is already a risky investment, making it your primary strategy for growth is almost certainly a recipe for disaster. The majority of high-growth companies prefer to focus their efforts on investing in initiatives proven to drive growth , or optimizing their core business functions like sales, marketing and customer experience.
Image via McKinsey.
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Unlike most companies, Evernote was large — and lucky — enough to absorb the costs of their misadventures in product diversification. They have since returned to their roots as an organizational and productivity app for teams, and Evernote still maintains a strong and loyal base of users. If anything else, their case study is a textbook-perfect lesson in caution, warning of the risks of pursuing diversification as a primary growth engine. When writing an article about growth strategies, it would practically a sin to not talk about GrowthHackers.
Entering , GrowthHackers had been experiencing three months of drought stagnancy in their growth. Their initial strategy of acquiring users through Twitter was no longer producing significant results, and it was time to look towards a different driver for growth. Despite the apparent simplicity of the process, adopting this straightforward mindset of continuous testing allowed GrowthHackers to grow from 50, monthly active users to a whopping , in just 11 weeks — and all without spending a single dollar. By adopting high tempo testing, we eliminated the bottlenecks at the ideation and experimentation steps to unlock more growth.
More than anything, what this tells us is that the secret to achieving growth lies not so much in investing in new technologies and markets, but rather, by simply adopting a mindset of continuous experimentation.